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Power Metal Resources #POW – FDR Selta Lithium Exploration & Company Update

5th December 2022 / Leave a comment

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio provides an update to shareholders in respect of lithium focussed fieldwork at the Selta Project (“Selta” or the “Project”), located in Australia’s Northern Territory. Selta is held through its subsidiary First Development Resources PLC (“First Development Resources” or “FDR”) which is seeking a planned listing in the London capital markets (Power Metal holds 62.12% of FDR and 58.59% after transaction outlined below).

HIGHLIGHTS:

Phase II Lithium Focused Exploration Programme

· Lithium focussed Phase II follow-up fieldwork now underway to further examine the zonation of a prospective pegmatite system present at FDR’s 100% owned Selta Project. Pegmatites are the target lithology which have the potential to host lithium mineralisation.

· Approximately 700 potential outcropping pegmatites have been identified by desktop analysis, within a target area of circa 180km² (see Fig.1 below). Given the size of the prospective area and the number of targets generated, the planned fieldwork will initially focus on a 30km² area in the southeast of the Project (see Figure 1).

· The Phase II fieldwork follows on from the successful findings of the Phase I field reconnaissance programme in June 2022, which confirmed the presence of pegmatite geology over a small area within the south of the Project, with lithogeochemical analysis of 17 samples suggesting potential for a zoned pegmatite system originating from the nearby granites ¹.

· A desktop analysis of lithium specific publicly available datasets, satellite imagery and purpose commissioned hyperspectral analysis previously outlined the presence of potentially pervasive outcropping pegmatites ^{2, 3} which are the subject of the current fieldwork campaign.

· Further information in respect of the lithium work programme is provided below.

Company Update

· FDR continues to advance preparations for its planned listing and is very close to completion of all material work streams.

· To further enhance FDR’s position in advance of the planned listing and in light of the positive progress across the exploration programmes at all projects, the net smelter return (“NSR”) royalties retained by the original vendors of FDR’s projects have been purchased by FDR.

· The two NSRs were originally announced on the acquisition of First Development Resources Pty Limited (“FDR Australia”)(RNS: 29.10.2021 ⁴) and URE Metals Pty Ltd (“URE Metals”)(RNS: 19.11.2021 ⁵) and were each a 2% NSR, with a 1% buyout right for A$1,000,000. The NSRs were held by the original shareholders of FDR Australia and URE Metals whose shareholdings were previously acquired, as outlined in the above dated announcements.

· Each NSR has been purchased for £150,000, payable through the issue of 1,875,000 new FDR ordinary shares of 1.0p (“New FDR Shares”) at an issue price of 8p per share, for a total consideration of £300,000 through the issue of 3,750,000 New FDR Shares. The price of 8p per New FDR Share is specific to this NSR purchase transaction only and should not be taken as established pricing in relation to an IPO financing for the planned listing of FDR in the London capital markets.

· As a result, FDR holds a 100% interest in all projects and there are now no NSRs over any of its properties.

· Following the issue of the New FDR Shares, the total FDR issued share capital will amount to 65,894,076 shares of which Power Metal holds 38,605,697 shares representing 58.59% of FDR issued share capital.

Tristan Pottas, Chief Executive Officer of First Development Resources commented:

“Much of the recent focus has been on preparing for FDR’s planned UK listing, however, the team has also remained committed to advancing the project portfolio for the ongoing benefit of FDR shareholders.

Over the past several months the FDR team has worked hard to develop strong relationships with the key stakeholders at Selta to facilitate the efficient deployment of field teams to site to complete value enhancing work.

The technical analysis of the outcropping pegmatites will significantly improve our understanding of the system present at Selta and will help inform future work programmes with the intention of identifying zones within the Project with the potential to host lithium mineralisation.”

Paul Johnson, Chief Executive Officer of Power Metal Resources commented:

“The search for economic deposits of lithium continues to be the focus of many exploration companies globally as they look to capitalise on the strong market conditions which continue to reflect the lack of supply for the ever-growing demand for battery metals including lithium.

Importantly, with our readiness for diamond drilling at Wallal and the ongoing work programme at Selta, we are seeking to ensure FDR is a vibrant exploration business when listed.

The buyout of all project royalties by FDR was an important step, simplifying the structure of the planned listing interests and reflecting the value of FDR’s project portfolio which has been significantly enhanced since their original acquisition.”

Figure 1 : Selta Project showing lithium pegmatite and rare earth element prospective areas of interest and target area for current Phase II pegmatite focussed fieldwork

BACKGROUND – SELTA PROJECT LITHIUM REVIEW

The in-depth review of all publicly available geological, geophysical and geochemical data for the Selta Project identified multiple uranium and rare-earth element (“REE”) targets within the Selta Project area and highlighted the potential for lithium, gold and base-metal mineralisation. The potential for lithium presented an additional opportunity for a mineral discovery within the Selta Project area, an opportunity which had previously been unknown. To gain a better understanding of the potential for lithium-caesium-tantalum (“LCT”) type pegmatites, the Company immediately commenced a lithium review of all publicly available data to help refine target areas for further investigation and deployed a team to Selta to confirm the presence of pegmatite geology.

The announcement in respect of this lithium review and subsequent reconnaissance may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/first-development-resources-company-update/15562865

During the reconnaissance the site team was able to confirm the presence of pegmatite geology and collect samples to determine mineralogy.

The results of the sampling and subsequent geochemical testing of pegmatites on the property indicated that the pegmatites analysed on the southwest of the property are part of zoned pegmatite system, most likely originating from the nearby granite. The initial sampling campaign programme covered only a very small portion of the property but provided valuable information for future exploration programmes.

SELTA PEGMATITE SAMPLING PROGRAMME

The mineral deposit model for LCT pegmatites is well defined by the United States Geological Survey and suggests LCT pegmatites tend to show a regional mineralogical and geochemical zoning pattern with respect to the inferred parental granite, with the greatest enrichment in the more distal pegmatites. FDR’s initial analysis of data acquired during the Selta lithium review supports this model.

FDR now plans to expand on this initial interpretation and conduct further exploration over a broader area. Using the data acquired from previous desktop analysis and reconnaissance, a field team led by FDR’s exploration manager will conduct a targeted pegmatite mapping and sampling programme to acquire representative geochemical and geological data in the south of the Selta Project, where previous work has proven the presence of a pegmatite system.

This work aims to constrain the zonation believed to be present in the pegmatite system. The field work will include the systematic mapping of the surface expression of pegmatites along with the collection of representative rock chip samples, which will then be sent for geochemical analysis. This field work will feed into FDR’s technical understanding of pegmatites at Selta, to provide targets and inform future work programmes.

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

REFERENCE NOTES

1 Company announcement, First Development Resources – Company Update, 29 July 2022
( https://www.londonstockexchange.com/news-article/POW/first-development-resources-company-update/15562865 )

2 Company announcement, First Development Resources – Selta Lithium Update, 13 June 2022
( https://www.londonstockexchange.com/news-article/POW/first-development-resources-selta-lithium-update/15491241 )

3 Company announcement, Selta Project – Multiple Target Areas Identified, 16 March 2022
( https://www.londonstockexchange.com/news-article/POW/selta-project-multiple-target-areas-identified/15371081 )

4 Company announcement, Power Metal Acquires 100% of FDR Australia, 29 October 2021
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w04g16x )

5 Company announcement, Acquisition of Uranium & Rare-Earth Element Project – Australia, 19 November 2021
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w1ye76w )

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Paul Johnson (Chief Executive Officer)	+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)
Nick Emerson	+44 (0) 1483 413 500

First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	+44 (0) 20 7330 1883

NOTES TO EDITORS

Power Metal Resources plc – Background

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

Exploration Work Overview

Power Metal has multiple internal exploration programmes completed or underway, with results awaited. The status for each of the Company’s priority exploration projects is outlined in the table below.

Project	Location	Current POW %	Work Completed or Underway	Results Awaited

Athabasca Uranium	Canada	100%	Preliminary planning for work in Spring/Summer 2023 is ongoing.	Work programmes for Spring/Summer 2023.
Molopo Farms	Botswana	87.71%	Diamond drill programme underway. MLEM surveys planned over additional AEM targets identified.	Drill programme updates and findings from further MLEM survey work.
Tati Project	Botswana	100%	RC drilling and sampling of mine dumps complete.	Mine dumps processing and project commercial and exploration next steps.

Exploration work programmes may also be underway within Power Metal investee companies and planned IPO vehicles where Power Metal has a material interest, the findings from which will be released on their respective websites, with simultaneous updates through Power Metal regulatory announcements where required. These interests are summarised in the table below:

Company

Status/Operations

Link

First Class Metals PLC

Investment – POW 27.91%

Exploration in the Schreiber-Hemlo region of Ontario, Canada

www.firstclassmetalsplc.com

Kavango Resources PLC

Investment – POW 9.85%

Exploration in Botswana

www.kavangoresources.com

First Development Resources PLC

Planned IPO – POW 62.12%* (58.59% post NSR buyout)

Exploration in Western Australia and the Northern Territory of Australia

www.firstdevelopmentresources.com

Golden Metal Resources PLC

Planned IPO – POW 83.13%

Exploration and development in Nevada, USA

www.goldenmetalresources.com

New Ballarat Gold PLC

Planned IPO – POW 49.9%

Exploration in the Victoria Goldfields of Australia

A new website is currently in development which will be found atwww.newballaratgoldcorp.com .

In the interim further information in respect of NBGC can be found at:

https://www.powermetalresources.com/project/victoria-goldfields/ .

Uranium Energy Exploration PLC

Planned IPO – POW on listing estimated 50-55%

Uranium exploration in the Athabasca region of Canada

www.uraniumenergyexploration.com

#POW Power Metal Resources PLC – New Lithium Project – Ontario, Canada

25th November 2022 / Leave a comment

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the acquisition by staking of the 100% owned, North Wind Lithium Project (“North Wind” or the “Project”) located in Ontario, Canada.

The staking was completed through Power Metal’s wholly-owned Canadian subsidiary, Power Metal Resources Canada Inc (“Power Canada”).

HIGHLIGHTS:

· Following a detailed review of several publicly available provincial government geological databases and reports, Power Metal have staked a total of 5,788.5-hectares over a 16km long trend of highly anomalous lithium-in-lake sediment results.

· The North Wind Lithium Project is considered by the Company to be prospective for lithium (Li), caesium (Cs), and tantalum (Ta) (“LCT”) bearing pegmatite occurrences.

· The Project is ideally located less than 25km northwest of the town of Beardmore, Ontario, and is criss-crossed by multiple access roads which connect up to the Trans-Canada Highway located less than 40km away.

· This Project acquisition provides Power Metal Resources with a significant land holding which is prospective for LCT pegmatite occurrences within the stable and supportive mining jurisdiction of Ontario, Canada.

Paul Johnson, Chief Executive Officer of Power Metal Resources commented:

“The addition of the North Wind Lithium Project is a significant boost for Power Metal Resources as it provides the Company with a new and potentially high-impact lithium focused opportunity.

We consider that lithium as a commodity has a particularly bright future with high demand and constrained supply. In fact, the significant move higher in the lithium price has sparked considerable interest in available exploration properties around the world, and particularly those in safe jurisdictions.

It was a great achievement that through painstaking work, the Power Metal technical team have been able to identify this new opportunity and secure it through staking, one of the most cost-effective ways to secure new interests.

Further updates will follow as we advance our knowledge and set out exploration plans for the North Wind Lithium Project.”

ADDITIONAL INFORMATION:

The Project is located within the Onaman-Tashota greenstone belt, where historical exploration has traditionally focused on precious and base-metals – however the geology, in a provincial Open File Report (the “Report”), determined that the belt was prospective for LCT pegmatite occurrences – the main source of ‘hard rock’ lithium worldwide. ¹

Other lithium explorers and operators within the region include Imagine Lithium Inc. (TSX.V: ILI) with their Jackpot Lithium Project (with a reported historical non-compliant resource of 2,000,000 tonnes at 1.09% Li₂O), located 50km to the south of North Wind and Green Technology Metals (ASX: GT1) with their flagship Seymour Project (which hosts a JORC compliant total Mineral Resource of 9.9Mt at 1.04% Li₂O) located approximately 65km to the northwest.

The Project is centred on a granitic intrusion, cut by numerous mapped dykes. Highly anomalous lake sediment results (detailed further below) suggest that a zoned LCT pegmatite system may be present but has never been investigated. North Wind was identified through detailed research and analysis by the Power Metal Resources technical team, utilising over 600,000 individual lake sediment sample points collected by the Ontario Geological Survey (OGS), who also prepared selected recommendations for exploration which were presented in the Report ¹. Based on this data as well as information contained within the Report; the area encompassing the North Wind Project was selected for the strategic acquisition by staking.

The highly prospective and anomalous lake sediment data contained within the Project includes:

· Seven instances of >99^th percentile (with respect to regional data) Li-in-lake sediment results (ranging from 18.63 to 34.95 ppm Li) with 34.95 ppm representing the 99.95^th percentile result.

· Of those seven samples, six are >95^th percentile for caesium (1.26 to 2.21 ppm Cs), with three >99^th percentile (1.94 to 2.21 ppm Cs).

· The seven samples are also noted to be highly elevated in tantalum with results ranging between 0.6 and 0.9 ppm Ta.

The presence of anomalous, or highly elevated concentrations of lithium, caesium and tantalum from samples collected within the same water body suggest a nearby mineralised source, and therefore the Project represents a highly prospective target for LCT pegmatite occurrences. Further desktop analysis is currently underway, with a comprehensive Phase I Field Sampling Programme planned in Q1-Q2, 2023.

STAKING PROCESS:

A total of 278 Mining Claim cells were registered by electronic staking through the Ontario Mining Lands Administration System, covering a total area of 5,788.5-hectares for a total cost to the Company of CAD $13,900 (circa £8,500). The mining cells are 100% owned by Power Canada, a wholly owned subsidiary of Power Metal Resources plc. Each Mining Claim cell covers 20.82-hectares and has an annual exploration spend commitment of CAD$400 from year two onwards. The Project therefore has a total exploration spend commitment of circa £68,000 by the end of year 2 and then annually onwards, in order to keep all 278 Mining Claim cells in good standing.

A map showing the outline of the property, basic geological information and lake sediment results is below:

Fig. 1: Plan Map of the North Wind Lithium Project and Surrounding Area.

QUALIFIED PERSON STATEMENT

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Paul Johnson (Chief Executive Officer)	+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)
Nick Emerson	+44 (0) 1483 413 500

First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	+44 (0) 20 7330 1883

REFERENCE NOTES;

^1:Cundari, R.M., Paju, G.F., Hinz, S.L.K., Tuomi, R.D., Fudge, S.P., Pettigrew, T.K., 2019, Ontario Geological Survey Open File Report 6352, Report of Activities, 2018 Resident Geologist Program.

#SVML Sovereign Metals Ltd – Drilling Indentifies Mineralisation At Depth

8th September 2022 / Leave a comment

KASIYA AIR-CORE DRILLING INDENTIFIES HIGH-GRADE MINERALISATION AT DEPTH

-First drilling results from the Company’s deeper air-core (AC) program confirm rutile mineralisation extends at depth beneath previous drilling in most of the targeted areas

-Results demonstrate the growth potential of Kasiya at depth and confirm that extensive rutile mineralisation remains outside of the current Mineral Resource Estimate (MRE) and pit shells

-Core areas of the previously designed pit shells averaged about 15m depth with new drilling commonly extending mineralisation to between 20m and 30m depth

-The new deeper and thicker rutile intercepts highlight the potential to increase the mineral resource at depth

-Highlights include:

28m @ 1.05% inc. 5m @ 1.78% rutile
25m @ 1.06% inc. 13m @ 1.15% rutile
20m @ 1.26% inc. 16m @ 1.37% rutile
22m @ 1.15% inc. 8m @ 1.51% rutile
20m @ 1.29% inc. 6m @ 1.27% rutile
20m @ 1.29% inc. 6m @ 1.27% rutile

-Identification of high-grade mineralisation at depth is expected to contribute to the MRE update targeted for Q1 2023

-Kasiya’s Pre-Feasibility Study (PFS) and Environmental and Social baseline workstreams are advancing with all major project and consultant teams appointed with a scheduled completion date in Q2 2023

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (Sovereign or the Company) is pleased to report first results from its H1 2022 AC drilling program at the Kasiya Rutile Project (Kasiya), the world’s largest rutile deposit in Malawi.

The results confirm that rutile mineralisation is continuous in many pit areas from surface down to the top of saprock, normally between 20m and 30m from surface. Results reveal the potential for mining pits to be extended at depth to the top of saprock in numerous areas.

Sovereign’s Managing Director Dr Julian Stephens commented: “The early results from this deeper drilling re-asserts the truly remarkable Tier 1 nature of Kasiya in terms of size, grade and mineralisation consistency. We have now answered the question on the potential to deliver additional tonnes for the mineral resource at depth. Kasiya continues to grow and will likely become a multi generational project capable of supplying a reliable and sustainable source of high-purity titanium as natural rutile.”

ENQUIRIES

Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

Nominated Adviser on AIM

RFC Ambrian

Bhavesh Patel / Andrew Thomson

+44 20 3440 6800

Joint Brokers

Berenberg

Matthew Armitt

Jennifer Lee

+44 20 3207 7800

Optiva Securities

Daniel Ingram

Mariela Jaho

Christian Dennis

+44 20 3137 1902

To view the announcement in full, including all illustrations and figures, please refer to the announcement at http://sovereignmetals.com.au/announcements/.

KASIYA AIR CORE DRILLING

The 191-hole air-core drilling program at the Kasiya rutile deposit was completed in two phases from May to August 2022 by Thompson Drilling. The program was divided into an initial 32-hole sighter phase with results reported herein, and a second more expansive and targeted 159-hole phase. The drilling was completed on a nominal 200m x 200m grid spacing targeting upgrading of mineralisation into the Indicated category which could convert to Probable Reserves as part of the forthcoming PFS. A total of 32 drill-holes for 814m are reported (Figure 1) with results from the remaining 159 holes for 3,846m pending.

The initial sighter AC drilling program focused on mineralised corridors where high-grade rutile mineralisation was hypothesised to persist at depth, below the limit of the previous drilling. Results show that the mineralisation is pervasive throughout the saprolite zones with many holes showing mineralisation with 20-30m thickness from surface. Further MRE depth extensions are likely where the AC holes have extended known mineralisation beyond the base of the current MRE bound.

Second phase targeted drilling on the planned pit areas considered in the ESS has also been completed with the expectation that these pit designs may be modified if additional rutile mineralisation is encountered at depth.

Coarse flake graphite is present in all AC holes in association with rutile mineralisation. Graphite grades appear to improve with depth averaging +2% TGC in numerous holes.

PRE-FEASIBILITY STUDY PROGRESS

There are numerous technical work packages in progress for the Kasiya PFS including;

· Further drilling to refine and extend the MRE and then the final PFS mining inventory

· Preliminary hydrogeological pilot and test boreholes

· Continued metallurgical test-work focused on the planned first 10 years of mining

· Site visits throughout September by the principal PFS consultants

· Updated JORC resource estimate planned for Q1 2023

· Ongoing product marketing with further offtake MOUs expected to be executed

PERFORMANCE RIGHTS PLAN

The Company will seek shareholder approval to amend the terms of all existing performance rights currently on issue to amend the performance conditions as detailed in the table below (Amendment).

The Amendment is being sought to ensure that management are not disadvantaged by the impacts of COVID and the Company’s decision to complete the Expanded Scoping Study (ESS) which was underpinned by the substantial MRE update as announced in April 2022. The decision to complete the ESS has further enhanced the Kasiya economics but delayed the commencement of the PFS and subsequent Definitive Feasibility Study (DFS).

The Company does not envisage that it will require the full life of each tranche of performance rights to satisfy the relevant performance conditions, but the Amendment provides the Company with maximum flexibility to ensure the highest quality PFS and DFS can be completed whilst also allowing time to consider any funding opportunities or other corporate transactions that may present themselves as the Company approaches the completion of a PFS and DFS. The Company expects to complete the PFS in the June 2023 quarter.

The Board believes that the Amendment is required to ensure that the performance rights currently on issue continue to incentivise and retain existing key management personnel and to ensure continuing alignment between the strategic goals of the Company and the creation of shareholder value.

The Company will seek shareholder approval in November at its 2022 Annual General Meeting to make the Amendment as follows:

TRANCHE	ORIGINAL PERFORMANCE CONDITIONS	ORIGINAL EXPIRY DATE	AMENDED PERFORMANCE CONDITIONS	AMENDED EXPIRY DATE	No. of Performance Rights
2	Feasibility Study Milestone means announcement of a positive Feasibility Study for the Malawi Rutile Project in accordance with the provisions of the JORC Code. Feasibility Study has the meaning given in the JORC Code.	31 December 2023	Pre-Feasibility Study Milestone means announcement of a positive Pre-Feasibility Study for the Malawi Rutile Project in accordance with the provisions of the JORC Code. Pre-Feasibility Study has the meaning given in the JORC Code.	30 September 2023	5,120,000
3	Decision to Mine Milestone means announcement of a Decision to Mine for the Malawi Rutile Project. Decision to Mine means a decision to commence mining operations.	31 October 2025	Feasibility Study Milestone means announcement of a positive Feasibility (DFS) Study for the Malawi Rutile Project in accordance with the provisions of the JORC Code. Feasibility Study has the meaning given in the JORC Code.	31 October 2025	7,320,0

TRANCHE

ORIGINAL PERFORMANCE CONDITIONS

ORIGINAL EXPIRY DATE

AMENDED PERFORMANCE CONDITIONS

AMENDED EXPIRY DATE

No. of Performance Rights

Feasibility Study Milestone means announcement of a positive Feasibility Study for the Malawi Rutile Project in accordance with the provisions of the JORC Code.

Feasibility Study has the meaning given in the JORC Code.

31 December 2023

Pre-Feasibility Study Milestone means announcement of a positive Pre-Feasibility Study for the Malawi Rutile Project in accordance with the provisions of the JORC Code.

Pre-Feasibility Study has the meaning given in the JORC Code.

30 September 2023

5,120,000

Decision to Mine Milestone means announcement of a Decision to Mine for the Malawi Rutile Project.

Decision to Mine means a decision to commence mining operations.

31 October 2025

Feasibility Study Milestone means announcement of a positive Feasibility (DFS) Study for the Malawi Rutile Project in accordance with the provisions of the JORC Code.

Feasibility Study has the meaning given in the JORC Code.

31 October 2025

7,320,0

Further, and subject to shareholder approval following his appointment as Chairman, the Company will also issue an additional 240,000 tranche 2 (PFS) performance rights and 120,000 tranche 3 (DFS) performance rights to director, Mr Ben Stoikovich.

Following the change in focus from exploration to development activities and the associated requirement for additional human resources, the Company will also issue, subject to shareholder approval of the Amendment, 1,140,000 tranche 2 (PFS) performance rights and 1,520,000 tranche 3 (DFS) performance rights to existing and incoming staff.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Samuel Moyle, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Moyle is the Exploration Manager of Sovereign Metals Limited and a holder of ordinary shares and unlisted performance rights in Sovereign Metals Limited. Mr Moyle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moyle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to the Mineral Resource Estimate is extracted from the announcement dated 5 April 2022. The announcement is available to view on www.sovereignmetals.com.au. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the announcement; b) all material assumptions included in the announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this report have not been materially changed from the announcement.

Table 1: Kasiya Mineral Resource Estimate at 0.7% Rutile Cut-off
Mineral Resource Category	Material Tonnes (millions)	Rutile (%)	Rutile Tonnes (millions)	Total Contained Graphite (TGC) (%)	TGC Tonnes (millions)	RutEq. Grade* (%)
Indicated	662	1.05%	6.9	1.43%	9.5	1.76%
Inferred	1,113	0.99%	11.0	1.26%	14.0	1.61%
Total	1,775	1.01%	18.0	1.32%	23.4	1.67%

* RutEq. Formula: Rutile Grade x Recovery (98%) x Rutile Price (US$1,308/t) + Graphite Grade x Recovery (62%) x Graphite Price (US$1,085/t) / Rutile Price (US$1,308/t). All assumptions are taken from this Study ** Any minor summation inconsistencies are due to rounding

Qualified Person

Data disclosed in this press release have been reviewed and verified by Sovereign’s Qualified Person, Dr Julian Stephens (B.Sc (Hons), PhD, MAIG), Managing Director, for the purposes of the AIM Rules for Companies.

Forward Looking Statement

This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

APPENDIX I – DRILL RESULTS

Rutile and graphite drilling results from Kasiya are shown below in Table 2.

Hole ID	Interval Thickness	Rutile %	TGC %	From (m) Downhole	Hole Type
KYAC0001	19.0	0.88	1.8	0.0	AC
incl	6.0	1.23	1.5	0.0
KYAC0002	16.0	0.84	1.3	0.0	AC
incl	5.0	1.12	0.7	0.0
KYAC0003	11.0	0.84	0.8	1.0	AC
incl	3.0	1.27	0.3	1.0
KYAC0004	16.0	1.05	1.9	2.0	AC
incl	13.0	1.10	1.8	2.0
KYAC0005	22.0	1.06	1.5	1.0	AC
incl	15.0	1.16	1.4	1.0
KYAC0006	28.0	1.05	2.0	2.0	AC
incl	5.0	1.78	2.4	10.0
KYAC0007	5.0	1.15	0.2	1.0	AC
incl	3.0	1.36	0.1	1.0
KYAC0008	19.0	0.95	1.5	1.0	AC
incl	3.0	1.24	0.2	1.0
KYAC0009		NSR			AC
KYAC0010	24.0	1.03	1.9	0.0	AC
incl	5.0	1.87	0.3	0.0
KYAC0011	20.0	1.17	2.1	0.0	AC
incl	11.0	1.21	1.7	0.0
KYAC0012	20.0	0.70	1.2	1.0	AC
KYAC0013	20.0	1.03	1.5	1.0	AC
incl	6.0	1.46	1.1	1.0
KYAC0014	7.0	1.64	1.0	0.0	AC
KYAC0015	19.0	0.97	1.7	1.0	AC
incl	10.0	1.12	1.9	3.0
KYAC0016	7.0	1.16	0.5	0.0	AC
KYAC0017	20.0	0.97	1.5	0.0	AC
incl	4.0	1.53	0.4	0.0
KYAC0018	25.0	1.06	2.5	0.0	AC
incl	13.0	1.15	2.5	0.0
KYAC0019	20.0	0.98	1.6	0.0	AC
incl	3.0	1.67	0.3	0.0
KYAC0020	14.0	0.95	2.1	0.0	AC
incl	3.0	1.51	0.0	0.0
KYAC0021	14.0	0.99	2.2	0.0	Twin AC
incl	3.0	1.37	0.0	0.0
KYAC0022	20.0	1.26	2.4	0.0	AC
incl	16.0	1.37	2.4	0.0
KYAC0023	23.0	0.86	2.2	0.0	AC
incl	7.0	1.08	2.9	7.0
KYAC0024	17.0	1.06	1.7	0.0	AC
incl	4.0	1.56	0.6	0.0
KYAC0025	23.0	1.08	2.4	0.0	AC
incl	10.0	1.50	1.9	0.0
KYAC0026	22.0	1.15	3.5	0.0	AC
incl	8.0	1.51	2.3	0.0
KYAC0027	30.0	0.95	2.7	0.0	AC
incl	3.0	2.19	0.2	0.0
KYAC0028	23.0	0.85	1.6	0.0	AC
incl	2.0	2.06	0.3	0.0
KYAC0029	16.0	0.86	1.1	0.0	AC
incl	4.0	1.45	0.1	0.0
KYAC0030	20.0	1.29	1.6	0.0	AC
incl	6.0	1.70	0.5	0.0
KYAC0031	26.0	1.18	2.1	0.0	AC
incl	6.0	1.66	0.4	0.0
KYAC0032	27.0	1.06	1.5	0.0	AC
incl	6.0	1.48	0.5	0.0

APPENDIX II: DRILL HOLE COLLAR DATA – TABLE 3

Hole ID	Easting	Northing	RL	Depth	Hole ID	Easting	Northing	RL	Depth
KYAC0001	542200	8480400	1117	23.0	KYAC0017	544200	8471800	1126	20.0
KYAC0002	542399	8480401	1123	18.0	KYAC0018	544400	8471800	1128	27.0
KYAC0003	542601	8480400	1126	25.0	KYAC0019	544600	8471800	1130	23.0
KYAC0004	542800	8480402	1129	21.0	KYAC0020	544800	8471800	1132	27.0
KYAC0005	543001	8480400	1132	26.0	KYAC0021	544801	8471800	1132	27.0
KYAC0006	548200	8478600	1144	32.0	KYAC0022	543599	8468204	1129	22.0
KYAC0007	548399	8478603	1143	33.0	KYAC0023	543800	8468200	1136	25.0
KYAC0008	548600	8478600	1140	24.0	KYAC0024	544000	8468197	1139	36.0
KYAC0009	548800	8478600	1137	18.0	KYAC0025	544200	8468200	1142	25.0
KYAC0010	549000	8478600	1134	26.0	KYAC0026	544401	8468200	1142	24.0
KYAC0011	549180	8478600	1130	21.0	KYAC0027	544600	8468200	1140	33.0
KYAC0012	549400	8478600	1125	23.0	KYAC0028	544798	8468201	1136	27.0
KYAC0013	543400	8471800	1121	23.0	KYAC0029	544998	8465399	1162	30.0
KYAC0014	543600	8471800	1123	21.0	KYAC0030	545196	8465401	1164	21.0
KYAC0015	543800	8471800	1124	21.0	KYAC0031	545399	8465398	1166	27.0
KYAC0016	544000	8471800	1125	29.0	KYAC0032	545600	8465400	1167	36.0

APPENDIX III: JORC CODE, 2012 EDITION – TABLE 1

SECTION 1 – SAMPLING TECHNIQUES AND DATA

Criteria	JORC Code explanation	Commentary
Sampling Techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	Air-Core samples are composited based on regolith boundaries and sample chemistry, generated by hand-held XRF analysis. Each 1m of sample is dried and riffle-split to generate a total sample weight of 3kg for analysis, generally at 2m intervals. This primary sample is then split again to provide a 1.5kg sample for both rutile and graphite analyses.
Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Drilling and sampling activities are supervised by a suitably qualified Company geologist who is present at all times. All drill samples are geologically logged by the geologist at the drill site/core yard. Each sample is sun dried and homogenised. Sub-samples are carefully riffle split to ensure representivity. The 1.5kg composite samples are then processed. An equivalent mass is taken from each sample to make up the composite. A calibration schedule is in place for laboratory scales, sieves and field XRF equipment. Placer Consulting Pty Ltd (Placer) Resource Geologists have reviewed Standard Operating Procedures (SOPs) for the collection and processing of drill samples and found them to be fit for purpose. The primary composite sample is considered representative for this style of rutile mineralisation.
Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	Logged mineralogy percentages, lithology information and TiO₂% obtained from handheld XRF are used to determine compositing intervals. Care is taken to ensure that only samples with similar geological characteristics are composited together
Drilling Techniques	Drill type (e.g. core, reverse circulation, open‐hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face‐sampling bit or other type, whether core is oriented and if so, by what method, etc).	A total of 32 Air-Core holes for 814m are reported here from drilling at the Kasiya Rutile Deposit to obtain samples for quantitative determination of recoverable rutile and Total Graphitic Carbon (TGC). Placer has reviewed SOPs for Air-Core and found them to be fit for purpose and support the resource classifications as applied to the MRE.
Drill Sample Recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Samples are assessed visually for recoveries. The configuration of drilling and nature of materials encountered results in negligible sample loss or contamination. Air-Core drilling recovery in the top few metres are moderate to good. Extra care is taken to ensure sample is recovered best as possible in these metres. Recoveries are recorded on the rig at the time of drilling by the geologist. Drilling is ceased when recoveries become poor once Sap rock has been encountered.
Measures taken to maximise sample recovery and ensure representative nature of the samples.	The Company’s trained geologists supervise drilling on a 1 team 1 geologist basis and are responsible for monitoring all aspects of the drilling and sampling process. Air-core drilling samples are recovered in large plastic bags. The bags are clearly labelled and delivered back to the laydown at the end of shift for processing.
Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No relationship is believed to exist between grade and sample recovery. The high percentage of silt and absence of hydraulic inflow from groundwater at this deposit results in a sample size that is well within the expected size range. No bias related to preferential loss or gain of different materials is observed.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation mining studies and metallurgical studies.	Geologically, data is collected in detail, sufficient to aid in Mineral Resource estimation. All individual 1-metre intervals are geologically logged, recording relevant data to a set log-chief template using company codes. A small representative sample is collected for each 1-metre interval and placed in appropriately labelled chip trays for future reference.
Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	All logging includes lithological features and estimates of basic mineralogy. Logging is generally qualitative.
The total length and percentage of the relevant intersection logged	100% of samples are geologically logged.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	N/A
If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.	Air-Core samples are dried, riffle split and composited. Samples are collected and homogenised prior to splitting to ensure sample representivity. ~1.5kg composite samples are processed. An equivalent mass is taken from each primary sample to make up the composite. The primary composite sample is considered representative for this style of mineralisation and is consistent with industry standard practice.
For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Techniques for sample preparation are detailed on SOP documents verified by Placer Resource Geologists. Sample preparation is recorded on a standard flow sheet and detailed QA/QC is undertaken on all samples. Sample preparation techniques and QA/QC protocols are appropriate for mineral determination.
Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	The sampling equipment is cleaned after each sub-sample is taken. Field duplicate, laboratory replicate and standard sample geostatistical analysis is employed to manage sample precision and analysis accuracy.
Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.	Sample size analysis is completed to verify sampling accuracy. Field duplicates are collected for precision analysis of riffle splitting. SOPs consider sample representivity. Results indicate a sufficient level of precision for the resource classification.
Whether sample sizes are appropriate to the grain size of the material being sampled.	The sample size is considered appropriate for the material sampled.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Rutile The Malawi onsite laboratory sample preparation methods are considered quantitative to the point where a non-magnetic mineral concentrate (NM) is generated. Final results generated are for recovered rutile i.e, the % mass of the sample that is rutile that can be recovered to the non-magnetic component of a HMC. The HMC is prepared via wet-table, gravity separation at the Lilongwe Laboratory which provides an ideal sample for subsequent magnetic separation and XRF. All samples (incl. QA) included in this announcement received the following workflow undertaken on-site in Malawi; · Dry sample in oven for 1 hour at 105℃ · Soak in water and lightly agitate · Wet screen at 5mm, 600µm and 45µm to remove oversize and slimes material · Dry +45µm -600mm (sand fraction) in oven for 1 hour at 105℃ · Pass +45µm -600mm (sand fraction) across wet table to generate a heavy mineral concentrate (HMC) · Pan HMC to remove retained light minerals · Dry HMC in oven for 30 minutes at 105℃ · Magnetic separation of the HMC by Carpco magnet @ 16,800G (2.9Amps) into a magnetic (M) and non-magnetic (NM) fraction. Bag NM fraction and send to Perth, Australia for quantitative chemical and mineralogical determination. · The NM fractions were sent to ALS Metallurgy Perth for quantitative XRF analysis. Samples received XRF_MS. Graphite All samples are initially checked in and processed to pulp at Intertek-Genalysis Johannesburg. The pulp samples are then dispatched to Intertek-Genalysis Perth where they undergo TGC assay via method C72/CSA. A portion of each test sample is dissolved in dilute hydrochloric acid to liberate carbonate carbon. The solution is filtered using a filter paper and the collected residue is the dried to 425°C in a muffle oven to drive off organic carbon. The dried sample is then combusted in a Carbon/ Sulphur analyser to yield total graphitic or elemental carbon (TGC). The graphitic carbon content is determined by eliminating other carbon forms from the total carbon content. The addition of acid to the sample liberates carbon dioxide thus removing carbonate carbon. Soluble organic carbon will also be removed. Insoluble organic carbon is removed by heating the samples at 425°C in an oxidising environment. The “dried” carbon-bearing sample that is analysed in the resistance furnace is considered to contain only graphitic carbon. An Eltra CS-800 induction furnace infra-red CS analyser is then used to determine the remaining carbon which is reported as Total Graphitic Carbon (TGC) as a percentage.
For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Acceptable levels of accuracy and precision have been established. No handheld XRF methods are used for quantitative determination.
Nature of quality control procedures adopted (e.g. standards, blanks, duplicate, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Sovereign uses internal and externally sourced wet screening reference material inserted into samples batches at a rate of 1 in 20. The externally sourced, certified standard reference material for HM and Slimes assessment is provided by Placer Consulting. Accuracy monitoring is achieved through submission of certified reference materials (CRM’s). ALS and Intertek both use internal CRMs and duplicates on XRF analyses. Sovereign also inserts CRMs into the sample batches at a rate of 1 in 20. Three Rutile CRMs used by Sovereign. Rutile A (AMIS0602) containing TiO₂ XRF 90.62%. The CRM is supplied by African Mineral Standards (AMIS), South Africa. Rutile B containing TiO₂ XRF 70.71%. The CRM is supplied by OREAS and has been designed and matrix matched specifically for Sovereign. Rutile C containing TiO₂ XRF 40.76%. The CRM is supplied by OREAS and has been designed and matrix matched specifically for Sovereign. Two Graphite Standards are used by Sovereign. MPHLG1 containing 3.22% TGC TCMG1 containing 7.54% TGC Both these CRMs are supplied by OREAS and has been designed and matrix matched specifically for Sovereign. Analysis of sample duplicates is undertaken by standard geostatistical methodologies (Scatter, Pair Difference and QQ Plots) to test for bias and to ensure that sample splitting is representative. Standards determine assay accuracy performance, monitored on control charts, where failure (beyond 3SD from the mean) may trigger re-assay of the affected batch. Examination of the QA/QC sample data indicates satisfactory performance of field sampling protocols and assay laboratories providing acceptable levels of precision and accuracy. Acceptable levels of accuracy and precision are displayed in geostatistical analyses.
Verification of sampling & assaying	The verification of significant intersections by either independent or alternative company personnel.	Results are reviewed in cross-section using Micromine software and any spurious results are investigated. The deposit type and consistency of mineralisation leaves little room for unexplained variance. Extreme high grades are not encountered. Significant mineralisation intersections.
The use of twinned holes.	Twinned holes are drilled across a geographically-dispersed area to determine short-range geological and assay field variability. Twin drilling is applied at a rate of 1 in 20 routine holes. Acceptable levels of precision are displayed in the geostatistical analysis of twin drilling data. No twin holes are reported here.
Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	All data are collected initially on paper logging sheets and codified to the Company’s templates. This data is hand entered to spreadsheets and validated by Company geologists. This data is then imported to a Datashed5 and validated automatically and then manually. A transition to electronic field and laboratory data capture is underway.
Discuss any adjustment to assay data.	QEMSCAN of the NM fraction shows dominantly clean and liberated rutile grains and confirms rutile is the only titanium species in the NM fraction. Recovered rutile is therefore defined and reported here as: TiO₂ recovered in the +45 to -600um range to the NM concentrate fraction as a % of the total primary, dry, raw sample mass divided by 95% (to represent an approximation of final product specifications). i.e recoverable rutile within the whole sample.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	A Trimble R2 Differential GPS is used to pick up the Air-Core collars. Daily capture at a registered reference marker ensures equipment remains in calibration. No downhole surveying of Air-Core holes is completed. Given the vertical nature and shallow depths of the Air-Core holes, drill hole deviation is not considered to significantly affect the downhole location of samples.
Specification of the grid system used.	WGS84 UTM Zone 36 South.
Quality and adequacy of topographic control.	DGPS pickups are considered to be high quality topographic control measures.
Data spacing & distribution	Data spacing for reporting of Exploration Results.	The Air-Core collars are spaced on a 200m x 200m grid which is deemed to adequately define the mineralisation.
Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	The drill spacing and distribution is considered to be sufficient to establish a degree of geological and grade continuity appropriate for further future Mineral Resource estimation.
Whether sample compositing has been applied.	Individual 1m intervals have been composited, based on lithology, at a max 2m sample interval for the 32 air-core holes.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known considering the deposit type	Sample orientation is vertical and approximately perpendicular to the orientation of the mineralisation, which results in true thickness estimates, limited by the sampling interval as applied. Drilling and sampling are carried out on a regular square grid. There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit.
If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit.
Sample security	The measures taken to ensure sample security	Samples are stored in secure storage from the time of drilling, through gathering, compositing and analysis. The samples are sealed as soon as site preparation is complete. A reputable international transport company with shipment tracking enables a chain of custody to be maintained while the samples move from Malawi to Australia or Malawi to Johannesburg. Samples are again securely stored once they arrive and are processed at Australian laboratories. A reputable domestic courier company manages the movement of samples within Perth, Australia. At each point of the sample workflow the samples are inspected by a company representative to monitor sample condition. Each laboratory confirms the integrity of the samples upon receipt.
Audits or reviews	The results of any audits or reviews of sampling techniques and data	Richard Stockwell (CP) has reviewed and advised on all stages of data collection, sample processing, QA protocol and mineral resource estimation. Methods employed are considered industry best-practice. Malawi Field and Laboratory visits have been completed by Richard Stockwell in May 2022. A high standard of operation, procedure and personnel was observed and reported.

Criteria

JORC Code explanation

Commentary

Sampling Techniques

Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

Air-Core samples are composited based on regolith boundaries and sample chemistry, generated by hand-held XRF analysis. Each 1m of sample is dried and riffle-split to generate a total sample weight of 3kg for analysis, generally at 2m intervals. This primary sample is then split again to provide a 1.5kg sample for both rutile and graphite analyses.

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

Drilling and sampling activities are supervised by a suitably qualified Company geologist who is present at all times. All drill samples are geologically logged by the geologist at the drill site/core yard.

Each sample is sun dried and homogenised. Sub-samples are carefully

riffle split to ensure representivity. The 1.5kg composite samples are then processed.

An equivalent mass is taken from each sample to make up the composite. A calibration schedule is in place for laboratory scales, sieves and field XRF equipment.

Placer Consulting Pty Ltd (Placer) Resource Geologists have reviewed Standard Operating Procedures (SOPs) for the collection and processing of drill samples and found them to be fit for purpose. The primary composite sample is considered representative for this style of rutile mineralisation.

Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

Logged mineralogy percentages, lithology information and TiO₂% obtained from handheld XRF are used to determine compositing intervals. Care is taken to ensure that only samples with similar geological characteristics are composited together

Drilling Techniques

Drill type (e.g. core, reverse circulation, open‐hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face‐sampling bit or other type, whether core is oriented and if so, by what method, etc).

A total of 32 Air-Core holes for 814m are reported here from drilling at the Kasiya Rutile Deposit to obtain samples for quantitative determination of recoverable rutile and Total Graphitic Carbon (TGC).

Placer has reviewed SOPs for Air-Core and found them to be fit for purpose and support the resource classifications as applied to the MRE.

Drill Sample Recovery

Method of recording and assessing core and chip sample recoveries and results assessed.

Samples are assessed visually for recoveries. The configuration of drilling and nature of materials encountered results in negligible sample loss or contamination.

Air-Core drilling recovery in the top few metres are moderate to good. Extra care is taken to ensure sample is recovered best as possible in these metres. Recoveries are recorded on the rig at the time of drilling by the geologist. Drilling is ceased when recoveries become poor once Sap rock has been encountered.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

The Company’s trained geologists supervise drilling on a 1 team 1 geologist basis and are responsible for monitoring all aspects of the drilling and sampling process.

Air-core drilling samples are recovered in large plastic bags. The bags are clearly labelled and delivered back to the laydown at the end of shift for processing.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

No relationship is believed to exist between grade and sample recovery. The high percentage of silt and absence of hydraulic inflow from groundwater at this deposit results in a sample size that is well within the expected size range.

No bias related to preferential loss or gain of different materials is observed.

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation mining studies and metallurgical studies.

Geologically, data is collected in detail, sufficient to aid in Mineral Resource estimation.

All individual 1-metre intervals are geologically logged, recording relevant

data to a set log-chief template using company codes. A small representative sample is collected for each 1-metre interval and placed in appropriately labelled chip trays for future reference.

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.

All logging includes lithological features and estimates of basic mineralogy. Logging is generally qualitative.

The total length and percentage of the relevant intersection logged

100% of samples are geologically logged.

Sub-sampling techniques and sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

N/A

If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.

Air-Core samples are dried, riffle split and composited. Samples are collected and homogenised prior to splitting to ensure sample representivity. ~1.5kg composite samples are processed.

An equivalent mass is taken from each primary sample to make up the composite.

The primary composite sample is considered representative for this style of mineralisation and is consistent with industry standard practice.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Techniques for sample preparation are detailed on SOP documents verified by Placer Resource Geologists.

Sample preparation is recorded on a standard flow sheet and detailed QA/QC is undertaken on all samples. Sample preparation techniques and QA/QC protocols are appropriate for mineral determination.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

The sampling equipment is cleaned after each sub-sample is taken.

Field duplicate, laboratory replicate and standard sample geostatistical analysis is employed to manage sample precision and analysis accuracy.

Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

Sample size analysis is completed to verify sampling accuracy. Field duplicates are collected for precision analysis of riffle splitting. SOPs consider sample representivity. Results indicate a sufficient level of precision for the resource classification.

Whether sample sizes are appropriate to the grain size of the material being sampled.

The sample size is considered appropriate for the material sampled.

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

Rutile

The Malawi onsite laboratory sample preparation methods are considered quantitative to the point where a non-magnetic mineral concentrate (NM) is generated.

Final results generated are for recovered rutile i.e, the % mass of the sample that is rutile that can be recovered to the non-magnetic component of a HMC.

The HMC is prepared via wet-table, gravity separation at the Lilongwe Laboratory which provides an ideal sample for subsequent magnetic separation and XRF.

All samples (incl. QA) included in this announcement received the following workflow undertaken on-site in Malawi;

· Dry sample in oven for 1 hour at 105℃

· Soak in water and lightly agitate

· Wet screen at 5mm, 600µm and 45µm to remove oversize and slimes material

· Dry +45µm -600mm (sand fraction) in oven for 1 hour at 105℃

· Pass +45µm -600mm (sand fraction) across wet table to generate a heavy mineral concentrate (HMC)

· Pan HMC to remove retained light minerals

· Dry HMC in oven for 30 minutes at 105℃

· Magnetic separation of the HMC by Carpco magnet @ 16,800G (2.9Amps) into a magnetic (M) and non-magnetic (NM) fraction.

Bag NM fraction and send to Perth, Australia for quantitative chemical and mineralogical determination.

· The NM fractions were sent to ALS Metallurgy Perth for quantitative XRF analysis. Samples received XRF_MS.

Graphite

All samples are initially checked in and processed to pulp at Intertek-Genalysis Johannesburg.

The pulp samples are then dispatched to Intertek-Genalysis Perth where they undergo TGC assay via method C72/CSA.

A portion of each test sample is dissolved in dilute hydrochloric acid to liberate carbonate carbon. The solution is filtered using a filter paper and the collected residue is the dried to 425°C in a muffle oven to drive off organic carbon. The dried sample is then combusted in a Carbon/ Sulphur analyser to yield total graphitic or elemental carbon (TGC).

The graphitic carbon content is determined by eliminating other carbon forms from the total carbon content. The addition of acid to the sample liberates carbon dioxide thus removing carbonate carbon. Soluble organic carbon will also be removed. Insoluble organic carbon is removed by heating the samples at 425°C in an oxidising environment. The “dried” carbon-bearing sample that is analysed in the resistance furnace is considered to contain only graphitic carbon.

An Eltra CS-800 induction furnace infra-red CS analyser is then used to determine the remaining carbon which is reported as Total Graphitic Carbon (TGC) as a percentage.

For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

Acceptable levels of accuracy and precision have been established. No handheld XRF methods are used for quantitative determination.

Nature of quality control procedures adopted (e.g. standards, blanks, duplicate, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

Sovereign uses internal and externally sourced wet screening reference material inserted into samples batches at a rate of 1 in 20. The externally sourced, certified standard reference material for HM and Slimes assessment is provided by Placer Consulting.

Accuracy monitoring is achieved through submission of certified reference materials (CRM’s).

ALS and Intertek both use internal CRMs and duplicates on XRF analyses.

Sovereign also inserts CRMs into the sample batches at a rate of 1 in 20.

Three Rutile CRMs used by Sovereign.

Rutile A (AMIS0602) containing TiO₂ XRF 90.62%. The CRM is supplied by African Mineral Standards (AMIS), South Africa.

Rutile B containing TiO₂ XRF 70.71%. The CRM is supplied by OREAS and has been designed and matrix matched specifically for Sovereign.

Rutile C containing TiO₂ XRF 40.76%. The CRM is supplied by OREAS and has been designed and matrix matched specifically for Sovereign.

Two Graphite Standards are used by Sovereign.

MPHLG1 containing 3.22% TGC

TCMG1 containing 7.54% TGC

Both these CRMs are supplied by OREAS and has been designed and matrix matched specifically for Sovereign.

Analysis of sample duplicates is undertaken by standard geostatistical methodologies (Scatter, Pair Difference and QQ Plots) to test for bias and to ensure that sample splitting is representative. Standards determine assay accuracy performance, monitored on control charts, where failure (beyond 3SD from the mean) may trigger re-assay of the affected batch.

Examination of the QA/QC sample data indicates satisfactory performance of field sampling protocols and assay laboratories providing acceptable levels of precision and accuracy.

Acceptable levels of accuracy and precision are displayed in geostatistical analyses.

Verification of sampling & assaying

The verification of significant intersections by either independent or alternative company personnel.

Results are reviewed in cross-section using Micromine software and any spurious results are investigated. The deposit type and consistency of mineralisation leaves little room for unexplained variance. Extreme high grades are not encountered.

Significant mineralisation intersections.

The use of twinned holes.

Twinned holes are drilled across a geographically-dispersed area to determine short-range geological and assay field variability. Twin drilling is applied at a rate of 1 in 20 routine holes.

Acceptable levels of precision are displayed in the geostatistical analysis of twin drilling data.

No twin holes are reported here.

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

All data are collected initially on paper logging sheets and codified to the Company’s templates. This data is hand entered to spreadsheets and validated by Company geologists. This data is then imported to a Datashed5 and validated automatically and then manually.

A transition to electronic field and laboratory data capture is underway.

Discuss any adjustment to assay data.

QEMSCAN of the NM fraction shows dominantly clean and liberated rutile grains and confirms rutile is the only titanium species in the NM fraction.

Recovered rutile is therefore defined and reported here as: TiO₂ recovered in the +45 to -600um range to the NM concentrate fraction as a % of the total primary, dry, raw sample mass divided by 95% (to represent an approximation of final product specifications). i.e recoverable rutile within the whole sample.

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

A Trimble R2 Differential GPS is used to pick up the Air-Core collars. Daily capture at a registered reference marker ensures equipment remains in calibration.

No downhole surveying of Air-Core holes is completed. Given the vertical nature and shallow depths of the Air-Core holes, drill hole deviation is not considered to significantly affect the downhole location of samples.

Specification of the grid system used.

WGS84 UTM Zone 36 South.

Quality and adequacy of topographic control.

DGPS pickups are considered to be high quality topographic control measures.

Data spacing & distribution

Data spacing for reporting of Exploration Results.

The Air-Core collars are spaced on a 200m x 200m grid which is deemed to adequately define the mineralisation.

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

The drill spacing and distribution is considered to be sufficient to establish a degree of geological and grade continuity appropriate for further future Mineral Resource estimation.

Whether sample compositing has been applied.

Individual 1m intervals have been composited, based on lithology, at a max 2m sample interval for the 32 air-core holes.

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known considering the deposit type

Sample orientation is vertical and approximately perpendicular to the orientation of the mineralisation, which results in true thickness estimates, limited by the sampling interval as applied. Drilling and sampling are carried out on a regular square grid. There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit.

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

There is no apparent bias arising from the orientation of the drill holes with respect to the orientation of the deposit.

Sample security

The measures taken to ensure sample security

Samples are stored in secure storage from the time of drilling, through gathering, compositing and analysis. The samples are sealed as soon as site preparation is complete.

A reputable international transport company with shipment tracking enables a chain of custody to be maintained while the samples move from Malawi to Australia or Malawi to Johannesburg. Samples are again securely stored once they arrive and are processed at Australian laboratories. A reputable domestic courier company manages the movement of samples within Perth, Australia.

At each point of the sample workflow the samples are inspected by a company representative to monitor sample condition. Each laboratory confirms the integrity of the samples upon receipt.

Audits or reviews

The results of any audits or reviews of sampling techniques and data

Richard Stockwell (CP) has reviewed and advised on all stages of data collection, sample processing, QA protocol and mineral resource estimation. Methods employed are considered industry best-practice.

Malawi Field and Laboratory visits have been completed by Richard Stockwell in May 2022. A high standard of operation, procedure and personnel was observed and reported.

SECTION 2 – REPORTING OF EXPLORATION RESULTS

Criteria	Explanation	Commentary
Mineral tenement & land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environment settings.	The Company owns 100% of the following Exploration Licences (ELs) and Retention Licence (RL) under the Mines and Minerals Act 2019, held in the Company’s wholly-owned, Malawi-registered subsidiaries: EL0609, EL0492, EL0528, EL0545, EL0561, EL0582 and RL0012. A 5% royalty is payable to the government upon mining and a 2% of net profit royalty is payable to the original project vendor. No significant native vegetation or reserves exist in the area. The region is intensively cultivated for agricultural crops.
Mineral tenement & land tenure status	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The tenements are in good standing and no known impediments to exploration or mining exist.
Exploration done by other parties	Acknowledgement and appraisal of exploration by other parties.	Sovereign Metals Ltd is a first-mover in the discovery and definition of residual rutile and graphite resources in Malawi. No other parties are involved in exploration.
Geology	Deposit type, geological setting and style of mineralisation	The rutile deposit type is considered a residual placer formed by the intense weathering of rutile-rich basement paragneisses and variable enrichment by elluvial processes. Rutile occurs in a mostly topographically flat area west of Malawi’s capital, known as the Lilongwe Plain, where a deep tropical weathering profile is preserved. A typical profile from top to base is generally soil (“SOIL” 0-1m) ferruginous pedolith (“FERP”, 1-4m), mottled zone (“MOTT”, 4-7m), pallid saprolite (“PSAP”, 7-9m), saprolite (“SAPL”, 9-25m), saprock (“SAPR”, 25-35m) and fresh rock (“FRESH” >35m). The low-grade graphite mineralisation occurs as multiple bands of graphite gneisses, hosted within a broader Proterozoic paragneiss package. In the Kasiya areas specifically, the preserved weathering profile hosts significant vertical thicknesses from near surface of graphite mineralisation.
Drill hole information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northings of the drill hole collar; elevation or RL (Reduced Level-elevation above sea level in metres of the drill hole collar); dip and azimuth of the hole; down hole length and interception depth; and hole length	All collar and composite data are provided in the body and appendices of this report.
Drill hole information	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case	No information has been excluded.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high-grades) and cut-off grades are usually Material and should be stated.	All results reported are of a length-weighted average of in-situ grades. The results reported in the body of the report are on a nominal lower cut-off of 0.5% Rutile and exclude bottom of hole samples where saprock has been geologically logged.
	Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	No data aggregation was required.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalent values are used in this report.
Relationship between mineralisation widths & intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	The mineralisation has been released by weathering of the underlying, layered gneissic bedrock that broadly trends NE-SW. It lies in a laterally extensive superficial blanket with high-grade zones reflecting the broad bedrock strike orientation of ~045°.
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	The mineralisation is laterally extensive where the entire weathering profile is preserved and not significantly eroded. Minor removal of the mineralised profile has occurred in alluvial channels. These areas are adequately defined by the drilling pattern and topographical control.
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’.	Downhole widths approximate true widths limited to the sample intervals applied. Mineralisation remains open at depth and in areas coincident with high-rutile grade lithologies in basement rocks, is increasing with depth. Graphite results are approximate true width as defined by the sample interval and typically increase with depth.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of the drill collar locations and appropriate sectional views.	Refer to figures in the body of this report.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high-grades and/or widths should be practiced to avoid misleading reporting of exploration results.	All results are included in this report.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to: geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Rutile has been determined, by QEMSCAN, to be the major TiO₂-bearing mineral at and around several rutile prospects within Sovereign’s ground package. The company continues to examine areas within the large tenement package for rutile and graphite by-product mineralisation.
Further work	The nature and scale of planned further work (e.g. test for lateral extensions or depth extensions or large-scale step-out drilling).	Core-drilling and water exploratory drilling is planned and ongoing throughout the remainder for 2022.
Further work	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Refer to diagrams in the body of this report.

#FDR First Development Resources – Brief Overview of FDR visit to Delta

30th August 2022 / Leave a comment

WATCH HERE

#FDR First Development Resources – Brief Overview of FDR visit to Delta

#KDNC Cadence Minerals – Vox Market host an investor presentation and Q&A with Cadence CEO Kiran Morzaria

1st July 2022 / Leave a comment

Kiran talks about:

~ Amapa ironore project, PFS, shipping, stockpiles etc

~ Yangibana rareearths

~ Lithium Technologies / Supplies & Sonora

~ investment returns & markets

Listen to the interview here

#TM1 Technology Minerals – Update on Cameroon Licences/OEL SPA

27th June 2022 / Leave a comment

Further to the announcement on 23 February 2022, Technology Minerals Plc (LSE: TM1), the first UK company focused on creating a sustainable circular economy for battery metals, announces the following update in respect of the OEL Share Purchase Agreement (“OEL SPA”) as referred to in the Company’s Prospectus.

By way of background, at Admission on 17 November 2021, Technology Minerals acquired all the issued shares of Onshore Energy Limited (“OEL”) from its shareholders (“OEL Vendors”). OEL’s wholly-owned subsidiary, Technology Minerals Cameroon Limited (“TMC”), applied for five exploration permits in Cameroon. As these were not granted prior to Admission, the purchase price and accordingly the issue of New Ordinary Shares to OEL Vendors were reduced by 20% until such time as all five permits are granted, provided that the date of grant was no later than 31 December 2021. Accordingly, the Directors reserved 84,000,000 ordinary shares in the Company to issue to the OEL Vendors providing the permits were granted no later than 31 December 2021.

As announced on 23 February 2022, the Company received copies of all permits concerned and instructed independent Cameroon legal counsel to verify the validity of the permits. Legal counsel has now concluded it was not possible for the five permits to be legally granted to TMC under Cameroonian law and therefore the permits are not valid. As a result of that advice, the Company will not be issuing the 84,000,000 ordinary shares to the OEL Vendors. The Company is now taking steps so that the permits will be valid under Cameroon law.

The Directors of the Company accept responsibility for this announcement.

For further information please contact:

Technology Minerals Limited
Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer	+44 20 7618 9100

Arden Partners Plc
Ruari McGirr, George Morgan	+44 207 614 5900

Luther Pendragon
Harry Chathli, Alexis Gore, John Bick	+44 20 7618 9100

#TM1 Technology Minerals – Recyclus Receives Battery Testbed System

23rd June 2022 / Leave a comment

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce that its 49% owned battery recycling business, Recyclus Group Ltd (“Recyclus”), has received three lithium battery (“LIB”) testbed systems designed to measure a range of different battery chemistries of different sizes at its Wolverhampton site.

The LIB testbeds give Recyclus the operational capability to test the effective capacity of battery packs from a range of EV and industrial usages as well as for degradation or damage at the cell level. By charging and discharging batteries to measure capacity and capture stored energy it can also perform a number of other critical performance test criteria. The ability to discharge stored energy unlocks future opportunities to feed energy back into the national grid and for use on-site.

This testing capability enables Recyclus to grade batteries and access the reuse market for batteries alongside recycling. The tested battery packs will be sorted into one of three categories: the first are suitable for reuse as they are, the second are defective and need to be recycled, and the third are a split with some cells being retrievable and others not. It creates an opportunity for Recyclus to send suitable batteries back into alternative repurposed applications, depending on their condition and test results.

With UK Government estimates suggesting that there could be almost 28 million EVs on the UK’s roads by 2035,¹ a substantial number of battery cells are likely to reach end-of-life that are suitable for reuse for different applications, representing a significant market opportunity beyond recycling.

Robin Brundle, Chairman of Technology Minerals, said: “This testing capability is another key development for Recyclus designed to create an additional potential new revenue stream by unlocking more of the value-chain in the battery circular economy .

“We are constantly exploring new avenues to expand under our circular economy strategy, and this represents a significant milestone for us in developing our capability for recycling and reuse of batteries, and our ability to harness otherwise wasted energy. Implementing these systems into our process will help to maximise the lifespan of batteries and minimise energy waste.”

Jonathan Regan, Senior Battery Engineer of Recyclus, said: “Developing this function will allow us to work with manufacturers to increase the amount of carbon offset from the batteries’ production by extending their working life through repurposing into alternative applications , supporting the transition to net-zero, and supporting future and current legislative targets.”

Enquiries

Technology Minerals Plc
Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer	+44 20 7618 9100

Arden Partners Plc
Ruari McGirr, George Morgan	+44 207 614 5900

Luther Pendragon
Harry Chathli, Alexis Gore, John Bick	+44 20 7618 9100

#POW Power Metal Resources – First Development Resources – Selta Lithium Update

13th June 2022 / Leave a comment

Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a lithium focused exploration update for the Selta Project (“Selta” or the “Project”) located in the Northern Territory, Australia, and held by the Power Metal’s 82.78%-owned subsidiary First Development Resources Ltd (“FDR”).

HIGHLIGHTS:

· Following on from a recent in-depth data review covering Selta, FDR have undertaken a lithium specific review based initially on further desktop analysis.

· The review specifically focussed on the potential for pegmatite geology across the Selta Project and its capacity to host lithium mineralisation.

· The desktop work included a review of lithium specific publicly available data, along with a review of satellite imagery and hyperspectral analysis to identify high-priority targets for further field investigation.

· The multi-layered approach to the target definition process has identified several hundred coincident anomalies potentially indicative of pegmatite geology and 65 initial primary and secondary targets have been selected for further investigation

· FDR have mobilised a field investigation team which will arrive on site in the coming days to conduct mapping and surface sampling of the prospective targets identified.

Tristan Pottas, Chief Executive Officer of First Development Resources Ltd, commented:

“During our recent site visit to the Northern Territory, pegmatite style outcrop was observed within the Selta Project area, further adding weight to the findings from the original in-depth review of the Project.

Given the potential for lithium mineralisation, we commissioned a remote sensing study to look at the pegmatite specific potential and following the identification of 65 prospective targets we have expedited a field-based work programme to test whether the identified targets host lithium bearing mineralisation.”

Paul Johnson, Chief Executive Officer of Power Metal Resources PLC, commented:

“The recent £1,125,000 Pre-IPO financing undertaken by FDR demonstrated the level of investor interest in the business proposition. This capital is being deployed into the planning and listing process, as well as enabling expedited exploration within the FDR project portfolio.

Our confidence in the prospectivity of Selta has grown considerably in recent months, from uranium, rare earth and now lithium potential. Therefore, as the largest shareholder in FDR, Power Metal is eager to see the results from the field exploration programme which is now commencing.”

BACKGROUND:

A recently completed in-depth review of all publicly available geological, geophysical and geochemical data for the Selta Project identified multiple uranium and rare-earth element (“REE”) targets within the Selta Project area and also highlighted the potential for lithium, gold and base-metal mineralisation.

The announcement in respect of this in-depth review may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/selta-project-multiple-target-areas-identified/15371081

The above review identified the possibility of tin-tantalum-tungsten rich pegmatites within the Selta Project. It is noteworthy that pegmatite fields elsewhere in Australia represent important sources of lithium.

Following consideration of the findings, the Company initiated a follow up lithium specific desktop and remote sensing review over the Selta Project.

SELTA PROJECT – LITHIUM REVIEW

The potential for lithium presents an additional opportunity for a mineral discovery within the Selta Project area, an opportunity which had previously been unknown.

To gain a better understanding of the potential for lithium-caesium-tantalum (“LCT”) type pegmatites, the Company has undertaken a review of all publicly available data to help refine target areas for further investigation. The datasets included in the review have included satellite imagery, known mineral occurrence data recorded on the Northern Territory Government STRIKE database, hyperspectral analysis using Sentinal-2 visible / near infrared and shortwave infrared imagery and historic stream sediment sampling data acquired by Crossland Uranium between 2014-16. The announcement dated 20 May 2022 in respect of the Crossland Uranium stream sediment data may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/first-development-resources-selta-project-update/15462581

By applying a multi-layered approach to the target definition process, several coincident anomalies have been identified and a number of primary and secondary targets have been selected for further investigation.

The priority lithium targets selected are primarily associated with surface anomalies which have been identified on satellite imagery and are coincident with a spectral response relating to the spectral fingerprint of identified spectral endmembers. The interpretation of the spectral endmembers has been determined by comparing them to a library of 481 mineral spectra compiled by the United States Geological Survey. The endmembers of interest at Selta include neodymium (Nd) and lepidolite. Neodymium is a rare-earth element which based on our hyperspectral review, is prevalent across Selta and the adjacent licence areas. Lepidolite can be associated with lithium-bearing minerals like spodumene (LiAl(SiO₃)₂), in pegmatite bodies.

A field team will be deployed immediately to Selta to conduct site-specific reconnaissance and to collect samples for analysis from multiple high-priority lithium and REE targets. The initial target area will focus on 65 primary and secondary targets identified across two areas. One group of targets covers an area of approximately 3km x 2km and a second area covering approximately 4km x 3km. These two groupings are part of a larger area covering approximately 100km² within which, several hundred similar surface anomalies have been identified

SELTA PROJECT OWNERSHIP

Selta is held within URE Metals Pty Limited (“URE”), an Australian private company and wholly owned subsidiary of FDR .

Power Metal has an 82.78% interest in FDR (62.12% on completion of the recently announced Pre-IPO financing).

The announcement dated 01 June 2022 in respect of the Pre-IPO Financing may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/first-development-resources-pre-ipo-financing/15477133

FDR is planning to list on the London capital markets in Q3 2022 (the “IPO”) and is focussed on district scale exploration opportunities in Australia.

URE was acquired by FDR in the transaction managed and funded by Power Metal and the announcement dated 19 November 2021 in respect to this transaction may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/uranium-rare-earths-acquisition-australia/15219001

FDR EXPLORATION INTERESTS

FDR Australia holds the following exploration licence interests:

Wallal Project (Wallal Main-E45/5816 – 390km² – granted), (Wallal West 1-E45/5853 96km² – granted) and (Wallal West 2 – E45/5880 – 86km² – granted).

A comprehensive geophysical review has identified three magnetic bullseye anomalies located under Phanerozoic sedimentary cover which are interpreted to have possible geological similarities major Au-Cu deposits within the Paterson Province including Winu (Rio Tinto) and Havieron (Newcrest Mining-Greatland Gold joint venture).

Braeside West Project (E45/5854 – 137km² – one granted licence)

In-depth desktop analysis of historic exploration data is currently underway on the Braeside West Project. A recent base-metal discovery by neighbouring company Rumble Resources Ltd (ASX:RTR) has enhanced the overall prospectively within the Braeside West Project area as it is hosted within a similar geological environment to that of Rumble Resources discovery.

Ripon Hills Project (E45/5088 – 42km² – one granted licence).

The Ripon Hills Project is prospective for base-metal and gold mineralisation associated with deep-seated north-south oriented fault structures which run through the Ripon Hills Project area. In-depth desktop analysis of historic exploration data is currently underway over the project.

Selta Project (EL 32737, EL 32738, EL 32755 – 1,575km² – three granted licences)

The Selta Project is located in an area considered to be highly-prospective for uranium and rare earth element mineralisation. FDR recently completed an in-depth review of all geological, geophysical and geochemical data which also identified the potential for lithium, gold and base-metal mineralisation as well as the possibility of tin-tantalum-tungsten rich pegmatites.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Paul Johnson (Chief Executive Officer)	+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)
Nick Emerson	+44 (0) 1483 413 500

First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	+44 (0) 20 7330 1883

Alan Green covers a trading update from #MOON Moonpig, a new appointment by #ECR ECR Minerals and #BRES Blencowe Resources Jorc update on the Vox Market Podcast

11th April 2022 / Leave a comment

Alan Green covers a trading update from #MOON Moonpig, a new appointment by #ECR ECR Minerals and #BRES Blencowe Resources Jorc update on the Vox Market Podcast

Listen here

#POW Power Metal Resources – First Development Resources – Australia site visit

11th April 2022 / Leave a comment

Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, provides an update to shareholders in respect of its 83.33% owned First Development Resources Limited (“FDR”).

FDR is planning to list on the London capital markets in Q3 2022 (the “IPO”) and is focussed on district scale exploration opportunities in Australia.

This update summarises the findings from the recent FDR management site visit to projects in Australia which included reconnaissance at the Wallal and Braeside West Projects in the Paterson Province of Western Australia (“WA”) and the Selta Project in the Northern Territory (“NT”).

Highlights

· FDR management visited and conducted reconnaissance at the FDR’s Wallal and Braeside West projects in the Paterson Province of Western Australia and the Selta project located in the Northern Territory. The reconnaissance team was able to access all granted licences using established, well-maintained tracks with direct links to sealed highways.

· Whilst on site the team was able to make high-level observations and document, where possible, the underlying geology and the structural setting at each project. Plans are now being made to determine the most effective way to develop the target areas identified in the recently completed desktop studies.

· The comprehensive geophysical desktop study for the flagship Wallal Project is now complete. The geometry and depth to the main Eastern Magnetic Bullseye anomaly has been constrained and work is progressing to facilitate the commencement of a planned Phase I diamond drilling programme.

· The in-depth data review for the Selta project has identified multiple separate uranium and rare-earth element targets along with the potential for lithium, gold and base-metal mineralisation as well as the possibility of tin-tantalum-tungsten rich pegmatites. Significant outcrop is accessible across the project area and the next phase of exploration to delineate prospective targets is progressing.

· The in-depth review of all historical geological, geophysical and geochemical data associated with the Ripon Hills and Braeside West Projects is nearing completion. The objective of the review is to identify potentially prospective targets associated with the deep-seated north to northwest trending fault structures prevalent throughout the area. The surface expression of these structures were easily observed during the recent site visit to Braeside West.

· As part of the visit the FDR management team had a number of positive meetings with various parties, including;

o Several prospective investors based in Perth, WA. It was encouraging to note the level of interest in the FDR business proposition;

o FDR’s Australia based non-executive directors and key advisors including local legal and accounting teams along with the vendor group; and

o The Government of Western Australian Department of Mines, Industry Regulation and Safety (“DMIRS”) and the Northern Territory Geological Survey (“NTGS”). DMIRS and the NTGS are the custodians of knowledge and data of their respective geology and resources. Both government departments are supportive of FDR and will be a valuable source of data as FDR’s exploration progresses.

Tristan Pottas Chief Executive Officer of First Development Resources Ltd commented:

“The recent management visit to FDR’s projects in Western Australia and the Northern Territory was a great success. The main objective of the visit was to gain a better understanding of the nature of our interests in Australia from a geological and logistical perspective and crucially, to meet and spend time with the in-country teams working to realise our aim of making major mineral discoveries.

What was particularly positive was the level of engagement and commitment clearly evident across the advisor and consultancy teams along with a high-level of interest from prospective investors.”

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:

“The rate at which work is progressing across the FDR portfolio is encouraging. What started out as number of promising conceptual targets now includes a drill-ready target at Wallal and several defined areas for further investigation at the Selta Project.

The broader understanding of the projects gained by spending time on the ground with the teams working with FDR, was important as we enter a key stage in FDR’s development.”

PROJECT UPDATE – WALLAL

The geophysical desktop study for FDR’s flagship Wallal project is now complete. Three magnetic bullseye anomalies including the Western , Eastern and Border anomalies, representing Havieron and Winu style Au-Cu base metal targets have been identified within the Wallal project area. The sources of these magnetic highs are expected to occur within the Proterozoic basement rocks underlying thick Phanerozoic cover sediment sequences. A cover-constrained magnetic three dimensional model of the Eastern magnetic bullseye anomaly has been refined and suggests that the anomaly is comprised of two lobes located at approximately 800 metres below surface. This is supported within higher-order derivative filtered images of the airborne magnetic data, and it results in a well-defined drill target which will be tested during the planned Phase I diamond core drilling programme.

A Programme of Works application for ground disturbance in preparation for the planned Phase I diamond core drilling programme, initially targeting the Eastern anomaly, has been approved by the DMIRS. Additionally, in accordance with Section 18 of the Aboriginal Heritage Act 1972 and in accordance with the terms of the Heritage Agreement in place with the Yamatji Marlpa Aboriginal Corporation (“YAMC”) as agent for the Nyangumarta Warrarn Aboriginal Corporation RNTBS, a Heritage Clearance Survey Request which covers the Eastern and Border anomalies and all associated access tracks has been submitted to YMAC. FDR expect to receive confirmation of the commencement date of the Heritage Survey in the coming weeks.

The Wallal project area was recently visited by the FDR management team as part of a broader visit which incorporated all of FDR’s project locations in Australia. The relative ease of access to the Wallal licence area from the Great Northern highway was noted along with the absence of significant dune corridors which are characteristic within other areas of the Paterson region. Both points are particularly encouraging when considering the logistical challenges typically associated with operating in remote areas.

PROJECT UPDATE – BRAESIDE WEST AND RIPON HILLS

FDR’s Braeside West and Ripon Hill licence areas are located approximately 260 kilometres southeast of Port Hedland on the western edge of the Paterson Province in Western Australia. The projects are located on the western and eastern limbs of the Oakover Syncline. The area is believed by FDR to be primarily prospective for manganese similar to the nearby Woodie Woodie manganese mine, as well as base-metal and gold mineralisation associated with deep-seated north to north-westerly trending fault structures. FDR believe these fault structures have the potential to be conduits for various styles of hydrothermal mineralisation as evidenced by recent exploration conducted by ASX listed Rumble Resources Limited (“Rumble”) on land adjacent to the Braeside West tenement.

Recent exploration by Rumble along the eastern limb of the Oakover Syncline has defined a regional scale porphyry, epithermal and volcanogenic massive sulphide (“VMS”) mineralised system that extends over 60 kilometres in strike length and 8 kilometres in width within which they have identified over 40 priority Cu-Au-Zn-Pb-Ag targets. Similar prospective rock types occur within the Ripon Hills project which has had very limited past base-metal and gold exploration.

An in-depth desktop study has been initiated to better understand the prospectivity of the Ripon Hills and Braeside West projects. The objective of the study is to capture and assess all relevant geological, geophysical and geochemical data over the Ripon Hills and Braeside West project areas. Upon completion of this exercise, FDR will be able to plan the next phase of exploration over defined target areas.

The FDR management team visited Braeside West in March 2021. Encouragingly, the team was able to travel the entire length of the western margin of the tenement along existing access tracks. Whilst on site the team was able to observe outcropping geology and evidence of structural deformation potentially associated with the aforementioned north-westerly trending fault structures. FDR expect to receive the results of the in-depth desktop study which will include defined targets in the coming weeks.

PROJECT UPDATE – SELTA

The in-depth review of all publicly available geological, geophysical and geochemical data for the Selta Project is now complete. Based on a review of historical datasets, four high-priority areas have been identified with the potential for uranium mineralisation as well as three areas with the potential for rare-earth element mineralisation. In addition to uranium and rare-earth element mineralisation, the review has identified the potential for lithium, gold, and base-metal mineralisation as well as the possibility of tin-tantalum-tungsten-rich pegmatites within the Selta Project. It is noteworthy that hard rock pegmatite fields elsewhere in Australia represent important sources of lithium.

Historical exploration on the Selta Project has in general been limited. Based on the positive findings within the recently completed Review, FDR is equipped to be the first company to carry out systematic, project-wide exploration focusing on the discovery of several strategically important metals.

During the site visit the FDR management team was accompanied by Matt Stephens, the author of the in-depth review over the Selta Project. The key takeaway from the site visit was the accessibility of the project area along existing, exceptionally maintained access tracks. The Selta project covers an area of almost 1,600km², the ability to access all three granted licences easily is of particular significance, especially when planning the next phase of exploration. Additionally, the amount of accessible outcrop was encouraging. Prior to the site visit it was hoped the Selta licence area would be underpinned by granites similar to those prevalent across the nearby Arafura Nolan’s Bore deposit. Felsic granitic intrusions were observed across the project area and, although further work is required to determine the minerology of the local geology, the presence of potentially comparable outcrop presents an intriguing target for the next phase of investigation.

IPO AND LISTING PROCESS

FDR is seeking a listing on the London capital markets and is working with advisors in this regard and is targeting a listing on the London capital markets in Q3 2022.

FDR EXPLORATION INTERESTS

FDR Australia holds the following exploration licence interests:

Wallal Project (Wallal Main-E45/5816 – 390km ² – granted), (Wallal West 1-E45/5853 96km ² – granted) and (Wallal West 2 – E45/5880 86km ² – granted).

Braeside West Project (E45/5854 – 137km ² – one granted licence)

In-depth desktop analysis of historic exploration data is currently underway on the Braeside West Project. A recent base-metal discovery by neighbouring company Rumble Resources has enhanced the overall prospectively within the Braeside West Project area as it is hosted within a similar geological environment to that of Rumble Resources discovery.

Ripon Hills Project (E45/5088 – 42km ² – one granted licence).

Selta Project (EL 32737, EL 32738, EL 32755-1,575km²-three granted licences)

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Paul Johnson (Chief Executive Officer)	+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)
Nick Emerson	+44 (0) 1483 413 500

First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	+44 (0) 20 7330 1883

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